The development was just prior to the IMF’s approval, on May 11, of a new $10bn, three-year standby agreement with Turkey. Under the new accord, Turkey would be able to draw the funds in 12 equal installments of $837.5m.
“Turkey’s debts of $19bn to the IMF will fall to under $10bn at the end of the three-year period,” the economy minister, Ali Babacan, told reporters.
